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Foreclosure crunch being felt in valley, too

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posted on Apr, 27 2008 @ 12:34 PM
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Foreclosure crunch being felt in valley, too


www.poughkeepsiejournal.com

Foreclosures jumped in 2006, ran high in 2007 and, so far, right into 2008. Bankruptcies, some aimed at staving off foreclosures, rose 41.4 percent in 2007 over 2006 in the region served by the Poughkeepsie Bankruptcy Court. People in this field blame the nation's subprime mortgage crisis, bad lending practices, loans in which rates jump up, eager but naive borrowers and a weaker economy that stresses many families.

And, experts agree, the crisis will only worsen.

The effect spreads beyond foreclosed-upon families. Loans are harder to get, many homes are worth less than their loans and foreclosures bring down property values in their neighborhoods. On the other hand, cheaper home prices are better for buyers.

Brad Kendall, Dutchess County clerk, said his office's records of default notices, or lis pendens filings, has shot up.

"If you're looking at the number of the lis pendens over the years, it gives you a sense of how much trouble is out there. It's about doubled over the last few years," Kendall said. Filings in 2007 hit 1,184.

It's not over, judging by 2008's first quarter. Filings rose 19 percent to 365 from 307 last year, Kendall said.

(visit the link for the full news article)


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posted on Apr, 27 2008 @ 12:34 PM
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This is all the result of deliberate predatory lending practices. Outright deception led people to believe that they could afford these loans and to own a home, when they could not. All of this was done to delay the inevitable crash, and now the disaster is underway. The worst is yet to come. You certainly could say that "the check is in the mail" when referring to the impending doom of this nation. Hungry, homeless, angry people, coming soon to a town near you.

www.poughkeepsiejournal.com
(visit the link for the full news article)



posted on Apr, 27 2008 @ 12:44 PM
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It's a good time to persoanlly know the Bushies. Only the Bushies can save your ass by socializing your loses. (Privatize all the earning, hit the public with the losses.) Get to know a Busy. And maybe a Cheney too. Freedom isn't free.

The canary flopped and everyone is staring. Or it's like in those sci-fi movies where they always have the dog to spot the alien, and then when the alien stealthly shows--or is just there, hidden--the dogs barks and the handler is like "what? whacha barking at, boy?" No! Its a call to do something! Our own last-gasp! Why are we allowing all of this all to happen!

("This" being the craziness of the world right now.)



posted on Apr, 27 2008 @ 12:45 PM
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I was inspired to post these articles by the member who posed the question..."Is it really that bad?"



posted on Apr, 27 2008 @ 12:46 PM
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Getting to know Gary Busy or his son (who starred in Road House 2) could help too, but I mean "Bushy," not Busy.



posted on Apr, 29 2008 @ 12:50 PM
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While this article happens to be regional news for me, I'm sure this is pretty much the same across the country. The bubble has burst. Get ready for the fallout now.



posted on Apr, 29 2008 @ 12:58 PM
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Perhaps they are lying. Perhaps it's not "sub-prime" borrowers that are getting foreclosed. Perhaps it is "prime" borrowers that can no longer afford their houses, because of the depression..... Uh, I mean recession in the economy.

Now THERE is a scary thought.



posted on Apr, 29 2008 @ 01:01 PM
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reply to post by sir_chancealot
 


Now there's a thought. My friend lost his house two years ago on a subprime mortgage because he didn't get the refinance that he was promised. So who is losing their homes now? Could this be that fallout that I was talking about?




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